Brocade Communications Systems, Inc. (NASDAQ:BRCD) Shares Sold by Fruth Investment Management

Fruth Investment Management lowered its position in shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,600 shares of the technology company’s stock after selling 300 shares during the period. Fruth Investment Management’s holdings in Brocade Communications Systems were worth $335,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Louisiana State Employees Retirement System raised its position in shares of Brocade Communications Systems by 3.9% in the second quarter. Louisiana State Employees Retirement System now owns 107,000 shares of the technology company’s stock valued at $1,349,000 after buying an additional 4,000 shares during the last quarter. LS Investment Advisors LLC raised its position in shares of Brocade Communications Systems by 20.1% in the second quarter. LS Investment Advisors LLC now owns 32,750 shares of the technology company’s stock valued at $413,000 after buying an additional 5,474 shares during the last quarter. Chicago Capital Management LLC raised its position in shares of Brocade Communications Systems by 76.7% in the second quarter. Chicago Capital Management LLC now owns 115,214 shares of the technology company’s stock valued at $1,453,000 after buying an additional 50,000 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of Brocade Communications Systems by 4.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 147,172 shares of the technology company’s stock valued at $1,856,000 after buying an additional 6,301 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Brocade Communications Systems by 95.6% in the second quarter. State of Alaska Department of Revenue now owns 249,449 shares of the technology company’s stock valued at $3,145,000 after buying an additional 121,935 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Shares of Brocade Communications Systems, Inc. (BRCD) traded down 0.16% during mid-day trading on Friday, reaching $12.58. The company’s stock had a trading volume of 6,527,778 shares. The company has a 50-day moving average price of $12.64 and a 200 day moving average price of $12.53. Brocade Communications Systems, Inc. has a 52-week low of $8.64 and a 52-week high of $12.72. The company has a market cap of $5.16 billion, a PE ratio of 86.16 and a beta of 0.67.

Brocade Communications Systems (NASDAQ:BRCD) last released its quarterly earnings results on Thursday, May 25th. The technology company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.09. The business had revenue of $552.80 million during the quarter, compared to analysts’ expectations of $602.92 million. Brocade Communications Systems had a return on equity of 8.49% and a net margin of 2.54%. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 EPS. Equities analysts expect that Brocade Communications Systems, Inc. will post $0.58 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Monday, June 12th were issued a dividend of $0.055 per share. This represents a $0.22 annualized dividend and a yield of 1.75%. The ex-dividend date was Thursday, June 8th. Brocade Communications Systems’s dividend payout ratio is presently 157.14%.

COPYRIGHT VIOLATION WARNING: “[[title]]” was originally published by [[site]] and is the property of of [[site]]. If you are viewing this piece of content on another website, it was copied illegally and republished in violation of international copyright & trademark legislation. The original version of this piece of content can be accessed at [[permalink]].

Several brokerages have recently commented on BRCD. Zacks Investment Research lowered Brocade Communications Systems from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. BidaskClub lowered Brocade Communications Systems from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Royal Bank Of Canada reissued a “hold” rating and set a $12.75 price objective on shares of Brocade Communications Systems in a report on Friday, June 9th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $12.75 price objective on shares of Brocade Communications Systems in a report on Friday, May 26th. Two equities research analysts have rated the stock with a sell rating and fifteen have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $11.13.

In other news, SVP Ellen Odonnell sold 7,811 shares of Brocade Communications Systems stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $12.64, for a total value of $98,731.04. Following the completion of the transaction, the senior vice president now owns 19,037 shares in the company, valued at approximately $240,627.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Ken Cheng sold 200,000 shares of Brocade Communications Systems stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $12.62, for a total value of $2,524,000.00. Following the completion of the transaction, the senior vice president now owns 252,338 shares of the company’s stock, valued at approximately $3,184,505.56. The disclosure for this sale can be found here. Insiders have sold a total of 276,299 shares of company stock valued at $3,487,050 in the last 90 days. 1.77% of the stock is currently owned by company insiders.

About Brocade Communications Systems

Brocade Communications Systems, Inc (Brocade) is a supplier of networking hardware, software and services, including storage area networking (SAN) solutions and Internet protocol (IP) networking solutions for businesses and organizations of various types and sizes. The Company operates through three segments: SAN Products, IP Networking Products and Global Services.